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- The on-chain fundamentals from 26th Feb to 4th Mar have predicted a good future for Bitcoin as the prices also rise above $9000 mark.
- The price of Bitcoin had gone below $9000 to stay around $8800 figure but in the past few days.
- The moving average of the on-chain USD volume seems to have decreased over the last seven days, the dip at the beginning of the week has caused the numbers to fall.
The on-chain fundamentals from 26th Feb to 4th Mar have predicted a good future for Bitcoin as the prices also rise above $9000 mark. The Bitcoin market was seeing a content price drop for almost three weeks in a row and had started to worry many investors, but for a few days, it has shown signs of growth and recovery.
The price of Bitcoin had gone below $9000 to stay around $8800 figure, but in the past few days, it has risen again and has crossed the $9000 mark with the current price being at $9100.
It is not only the price that is suggesting recovery and growth but also the on-chain fundamentals. The number of transactions and also the number of active entities on the Bitcoin network have risen in the past few days.
The moving average of the on-chain USD volume seems to have decreased over the last seven days, the dip at the beginning of the week has caused the numbers to fall.
The lowest point in the price of Bitcoin had gone below $8500, but then it came back up quickly to stay at $8800, this was predicted by the technical analysis of the on-chain data.
The threat that was created due to the Coronavirus had made the prices fall hard, but it appears as if the threat has passed for at least the time being, and the markets in and out of crypto both are recovering back up.
When the price is low, and the confidence in the asset is high, it creates an attractive reward to invest in the asset as the reserve risk is low. The present price levels indicate that the Bitcoin is looking attractive at the current price, and potential risk is less than the potential rewards in the market as of now.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
